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Wait | 09 September 2020

09 September 2020, EUR/USD

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Technical observation

On the chart above, price bounced within the resistance zone 1.1877-1.1864 after a correction to it before rallying downwards. I expected this bearish movement to continue to the supportive line 1.1713 however, it is currently trading with an increasing bullish bias. This upwards rally is a correction to the resistance zone mentioned above and I expect a rejection within it to sell EUR with your take profit at 1.1713 and stop loss at 1.1933. If this take profit is triggered and there is clear break out below it with a big red candle, you can anticipate bearish movements of this pair towards the supportive level 1.1516.

Trade recommendation

Wait for a correction to 1.1877-1.1864 to sell EUR.

Imelda Maseno
Analyst of «FreshForex» company
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